This is for you my friend.... At some(most)institutions round numbers are big... some trader trade only there... I created this for you and I highlighted with blue how many times it reacts when it reaches round numbers.... and remember why I did not get it at the 1.000... cause it was almost sure it would react there...
Look at these 2 pairs where they are having a problem.... but I cannot pay too much attention to this cause then I would not trade, I would have to scalp and I do not do that I go for hundreds of pips, except if it is a major round number and it is right there I might look. I expect a pullback at those levels....
USDJPY daily chart - prices are currently touching the most dangerous support level (likely an indication of the end of downtrend...) 1 H chart - has touched a strong support level GBPJPY daily chart - this one is the same, prices are currently touching the most dangerous support level (likely an indication of the end of downtrend...) 1 H chart - has not touched a strong support level but almost/nearly there... imo, both currency pairs have hit the bottom...
1 H - you are currently touching a strong support level but looking at daily chart, there is a strong indication of bearish sentiment but to make a good profit it looks you will have to wait. If prices go below the current support level, it will likely to fall to 80.3000 or even further down ( probably will not happen so soon though...)
The daily support level on CADJPY is @80.00.... but like I said ... if I would pay attention to that I would never swing trade cause there are levels everywhere and I am a trend trader. At the levels that I trade they are powerful and would eventually break it...have a close look.... I do not trade at extended levels. Now if someone is a reversal trader it is another thing...for me it will be a bounce.... thanks
everything sort of backing up this am. Really don't see much opportunity to initiate. Gold had a run up, so I expected to see equities down hard. There was a test lower but that fire is out for now. More vol in Cad than I would have expected. Risk on till proven otherwise.